Pakistani Bank Shunted out of US on Charge of Terror Funding

US Banking Regulatory Authorities have ordered Habib Bank to close their New York office for Money Laundering and funding to terrorists.

Habib Bank did not pay heed to comply provisions of anti-money laundering provisions of US and illegal end-use of funds.

A fine of US$225 million has been imposed on the Bank which was reduced from earlier US$629.6 million penalty.

The said Bank has been operating in USA since 1978 but in 2006 the Bank is under watch from the State Department of Financial Services.

Sources from the Regulators from US have revealed that the Habib Bank has been helpful in billions of transactions of a private Saudi Arabian Bank, Al Rajhi Bank which has links with Al Queda Terrorist Group.

Habib Bank has been warned by the regulators repeatedly and various opportunities were given to them to rectify their illegal activities.

It is worthy to mention that various countries have asked Pakistani nationals to leave their respective countries and go back to Pakistan

US authorities have warned Pakistan to shun terror change their approach

Even BRICS have also condemned Pakistan’s terror groups and termed it as a threat to regional security